Juniper Research predicted mobile and cloud gaming would be the main driving forces behind nearly 30 per cent growth in the video games market in the years to 2023, surpassing $200 billion in value in the period.

In a fresh report, the research company noted the rise from an expected revenue of $155 billion in 2020 will arrive as a result of a market shift from one-time purchases towards recurring revenue.

Cloud gaming and other subscriptions are set to grow by 9 per cent annually, hitting more than $8 billion in 2023, while purchase revenue is expected to drop by 5 per cent.

In-app revenue is also set for a boost, growing 8 per cent on average in the period due to increased gaming in emerging markets, the research showed.

Only mobile games are expected to record a net increase in game downloads between 2020 and 2023, as more players sign up for subscription services including EA Access and Google Stadia instead of purchasing standalone titles.

Juniper Research forecast 99 per cent of mobile game installations will be based on the free-to-play business model.